A KZN family of three who allegedly used millions in investors’ money to buy luxury cars, properties and five aircraft have had their assets seized for allegedly running a R75m Ponzi scheme.

As previously reported, the trio are facing charges of fraud, with an alternative charge of theft, for the amount of about R73.6m.

They established the Coin-It investment scheme which, at its peak, distributed millions of rands to investors across the province and various regions of the country.

Malcolm de Beer, his wife Patricia, and their daughter Samantha were arrested on Tuesday, five years after the scheme crashed in 2019, leaving many investors penniless.

The Sunday Times reports that they appeared in the Pietermaritzburg Magistrate’s Court on the same day, charged with fraud and theft.

They are also accused of contravening the Financial Advisory and Intermediary Services Act, the Banks Act, and engaging in money laundering.

The family allegedly spent the money on properties in the towns of Dundee, Hattingspruit and Colenso. They allegedly bought a Porsche 911 Turbo, a Jeep Grand Cherokee, a Trackhawk Grand Cherokee, two Beechcraft Baron 58 light aircraft, two Hawker 700A jet aircraft and a Bell 2006 Long Ranger III helicopter.

NPA spokesperson Natasha Ramkisson-Kara said the Asset Forfeiture Unit had seized the firm’s assets, worth R106m.

This includes 11 tracts of land in Dundee, five aircraft and a motor vehicle.

The matter was postponed to March 19 and would be transferred to the specialised commercial crime court in Durban.

Full Sunday Times report